While the growth deceleration it forecasts is global, political uncertainty and flood devastation are taking additional toll on Pakistan’s economy, says the Bank’s Global Economic Prospects. By Ahmer Kureishi.
Economy
Pakistan may dodge default in next 6 months: Bloomberg
By Naveed Naqvi
ISLAMABAD: Pakistan is likely to ‘dodge’ default in the coming six months, however, its economic woes won’t be over as the country would have to worry about a huge dollar debt repayment in April 2024, a Bloomberg economist said.
Saudi Arabia weighs boosting cash deposit in SBP reserves to $5 billion
By Staff Reporter
ISLAMABAD: Saudi Arabia’s Crown Prince Mohammed bin Salman has directed the Kingdom’s investment arm to consider increasing its deposits to Pakistan’s central bank to reach $5 billion.
Donors pledge over $8 billion for Pakistan’s flood recovery
By Staff Reporter
ISLAMABAD: Donors at an international conference in Geneva on Monday pledged to give more than $8 billion over the next three years to help Pakistan in flood recovery, the information minister said.
Dar to meet IMF officials on sidelines of Geneva conference
By Staff Reporter
ISLAMABAD: Pakistan’s Finance Minister Ishaq Dar will meet an International Monetary Fund (IMF) delegation on the sidelines of a conference in Geneva next week to unlock a stalled bailout programme.
PM Sharif holds talks with IMF Kristalina to break deadlock on loan review
By Staff Reporter
Islamabad: Prime Minister Shehbaz Sharif held talks with the International Monetary Fund (IMF) chief Kristalina Georgieva to break the deadlock over ninth review for the release of the next tranche of funding under an Extended Fund Facility (EFF).
Forex reserves drop to lowest since April 2014
By Staff Reporter
KARACHI: Pakistan foreign currency reserves are falling fast despite government’s tightening of access to dollars, hitting the lowest level since mid 2014 during the week ended on December 30, 2022 as the country struggles to meet external financing needs.
Flood-hit Pakistan to seek $16.3bn at next week’s UN conference
By Staff Reporter
ISLAMABAD: Pakistan is expected to seek $16.3 billion in aid from the international community for rehabilitation and reconstruction of flood-hit areas next week in Geneva, an official said on Thursday.
Pakistan hopes to secure additional financial help from Saudi Arabia ‘within days’
By Staff Reporter
ISLAMABAD: Pakistan will likely secure an additional multibillion-dollar financial support package from long-time ally Saudi Arabia ‘within days’ to shore up its foreign currency reserves, the finance minister said on Wednesday.
Minister for Finance Ishaq Dar addressing a media briefing at Islamabad on Wednesday, January 4, 2023. Photo courtesy of APP.
Dar slams Khan’s rule as “worse than Yahya’s”
A briefing paper released at the presser demolishes the PTI’s white paper by exposing claims made in it as barefaced lies designed to extract political advantage from economic hardship brought in by the party’s own misrule. By Muhammad Ali.